Made.com proposes vote on liquidation to wind up firm
The board of Made.com has proposed formally winding up the company through a voluntary liquidation process.
It comes after the online furniture retailer collapsed into administration last month after it was hammered by rising costs and pressure on customer budgets.
Retail giant Next snapped up the firm’s brand, websites and intellectual property following the insolvency, although the deal did not include any of the group’s 573 staff.
Administrators from PwC announced 320 redundancies immediately after the deal was struck.
Early in November, shares in Made were suspended as the group said it expected the London listing to be cancelled and the company to be wound up.
On Thursday, Made said shareholders will now be able to vote on a members voluntary liquidation process that allows the company to be wound up.
The firm said this will enable company-appointed liquidators to assess its remaining assets, pending completion of the administration process.
The liquidation will also save the company from the continuing costs of remaining as a listed company and will cancel its shares from the stock market.
It is a sharp demise for the company, which launched on the London Stock Exchange less than two years ago with a £775 million price tag and promises of accelerated growth while leading the online furniture market.
Published: by Radio NewsHub